Fair Value Measurements (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Fair Value Disclosures [Line Items] |
|
| Fair Value Measurement Amounts For Assets And Liabilities |
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral which is disclosed in Note 14. See Note 15 for additional information related to investments by major security type. | | | | | | | | | | | | | | | | | | December 31, 2015 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Not categorized |
| Nuclear decommissioning trust fund equity securities | $ | 3,590 |
| $ | 3,418 |
| $ | — |
| $ | — |
| $ | 172 |
| Nuclear decommissioning trust fund debt securities | 2,227 |
| 672 |
| 1,555 |
| — |
| | Other available-for-sale equity securities | 95 |
| 95 |
| — |
| — |
| — |
| Other available-for-sale debt securities | 302 |
| 75 |
| 222 |
| 5 |
| | Derivative assets | 26 |
| — |
| 16 |
| 10 |
| | Total assets | 6,240 |
| 4,260 |
| 1,793 |
| 15 |
| 172 |
| Derivative liabilities | (419 | ) | — |
| (419 | ) | — |
| | Net assets | $ | 5,821 |
| $ | 4,260 |
| $ | 1,374 |
| $ | 15 |
| $ | 172 |
|
| | | | | | | | | | | | | | | | | | December 31, 2014 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Not categorized |
| Nuclear decommissioning trust fund equity securities | $ | 3,650 |
| $ | 3,493 |
| $ | 6 |
| $ | — |
| $ | 151 |
| Nuclear decommissioning trust fund debt securities | 1,899 |
| 648 |
| 1,251 |
| — |
| | Other trading and available-for-sale equity securities | 96 |
| 96 |
| — |
| — |
| — |
| Other trading and available-for-sale debt securities | 263 |
| 41 |
| 217 |
| 5 |
| | Derivative assets | 110 |
| 49 |
| 24 |
| 37 |
| | Total assets | 6,018 |
| 4,327 |
| 1,498 |
| 42 |
| 151 |
| Derivative liabilities | (668 | ) | (162 | ) | (468 | ) | (38 | ) | | Net assets | $ | 5,350 |
| $ | 4,165 |
| $ | 1,030 |
| $ | 4 |
| $ | 151 |
|
|
| Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs |
The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. Amounts included in earnings for derivatives are primarily included in Operating Revenues. | | | | | | | | | | | | | | December 31, 2015 | | | | Derivatives |
| | | (in millions) | Investments |
| | (net) |
| | Total |
| Balance at beginning of period | $ | 5 |
| | $ | (1 | ) | | $ | 4 |
| Total pretax realized or unrealized gains (losses) included in earnings | — |
| | 21 |
| | 21 |
| Purchases, sales, issuances and settlements: | | | | |
|
| Purchases | — |
| | 24 |
| | 24 |
| Sales | — |
| | (1 | ) | | (1 | ) | Settlements | — |
| | (37 | ) | | (37 | ) | Total gains included on the Consolidated Balance Sheet as regulatory assets or liabilities | — |
| | 4 |
| | 4 |
| Balance at end of period | $ | 5 |
|
| $ | 10 |
| | $ | 15 |
|
| | | | | | | | | | | | | | December 31, 2014 | | | | Derivatives |
| | | (in millions) | Investments |
| | (net) |
| | Total |
| Balance at beginning of period | $ | 20 |
| | $ | 13 |
| | $ | 33 |
| Total pretax realized or unrealized gains (losses) included in earnings | — |
| | (7 | ) | | (7 | ) | Purchases, sales, issuances and settlements: | | | | |
|
| Purchases | — |
| | 50 |
| | 50 |
| Sales | (15 | ) | | — |
| | (15 | ) | Settlements | — |
| | (54 | ) | | (54 | ) | Net transfers In (Out) of Level 3 due to observability of inputs | — |
| | 6 |
| | 6 |
| Total losses included on the Consolidated Balance Sheet as regulatory assets or liabilities | — |
| | (9 | ) | | (9 | ) | Balance at end of period | $ | 5 |
| | $ | (1 | ) | | $ | 4 |
| Pretax amounts included in the Consolidated Statements of Comprehensive Income related to Level 3 measurements outstanding | $ | — |
| | $ | (14 | ) | | $ | (14 | ) |
|
| Schedule of Long-term debt, including current |
The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements. | | | | | | | | | | | | | | | | | | December 31, 2015 | | December 31, 2014 | (in millions) | Book Value |
| | Fair Value |
| | Book Value |
| | Fair Value |
| Duke Energy | $ | 39,569 |
| | $ | 42,537 |
| | $ | 39,868 |
| | $ | 44,566 |
| Duke Energy Carolinas | 8,367 |
| | 9,156 |
| | 8,353 |
| | 9,626 |
| Progress Energy | 14,464 |
| | 15,856 |
| | 14,668 |
| | 16,951 |
| Duke Energy Progress | 6,518 |
| | 6,757 |
| | 6,170 |
| | 6,696 |
| Duke Energy Florida | 4,266 |
| | 4,908 |
| | 4,823 |
| | 5,767 |
| Duke Energy Ohio | 1,598 |
| | 1,724 |
| | 1,760 |
| | 1,970 |
| Duke Energy Indiana | 3,768 |
| | 4,219 |
| | 3,769 |
| | 4,456 |
|
|
| Quantitative Information Table - Level 3 |
The following table includes quantitative information about the Duke Energy Registrants' derivatives classified as Level 3. | | | | | | | | | | | | | | December 31, 2015 | | Fair Value | | | | | | Investment Type | (in millions) | Valuation Technique | Unobservable Input | Range | | | Duke Energy | | | | | | | Financial transmission rights (FTRs) | $ | 10 |
| RTO auction pricing | FTR price – per Megawatt-Hour (MWh) | $ | (0.74 | ) | - | 7.29 |
| Duke Energy Ohio | |
| | | | | | FTRs | $ | 3 |
| RTO auction pricing | FTR price – per MWh | $ | 0.67 |
| - | 2.53 |
| Duke Energy Indiana | |
| | | | | | FTRs | $ | 7 |
| RTO auction pricing | FTR price – per MWh | $ | (0.74 | ) | - | 7.29 |
|
| | | | | | | | | | | | | December 31, 2014 | | Fair Value | | | | | | Investment Type | (in millions) | Valuation Technique | Unobservable Input | Range | | | Duke Energy | | | | | | | Natural gas contracts | $ | (5 | ) | Discounted cash flow | Forward natural gas curves – price per Million British Thermal Unit (MMBtu) | $ | 2.12 |
| - | 4.35 | FTRs | 14 |
| RTO auction pricing | FTR price – per MWh | (1.92 | ) | - | 9.86 | Electricity contracts | (1 | ) | Discounted cash flow | Forward electricity curves – price per MWh | 25.16 |
| - | 51.75 | Commodity capacity option contracts | 2 |
| Discounted cash flow | Forward capacity option curves – price per MW day | 21.00 |
| - | 109.00 | Reserves | (11 | ) | | Bid-ask spreads, implied volatility, probability of default | |
| | | Total Level 3 derivatives | $ | (1 | ) | | | |
| | | Duke Energy Ohio | |
| | | | | | Electricity contracts | $ | (6 | ) | Discounted cash flow | Forward electricity curves – price per MWh | $ | 25.25 |
| - | 51.75 | Natural gas contracts | (5 | ) | Discounted cash flow | Forward natural gas curves – price per MMBtu | 2.12 |
| - | 4.35 | Reserves | (7 | ) | | Bid-ask spreads, implied volatility, probability of default | | | | Total Level 3 derivatives | $ | (18 | ) | | | | | | Duke Energy Indiana | |
| | | | | | FTRs | $ | 14 |
| RTO auction pricing | FTR price – per MWh | $ | (1.92 | ) | - | 9.86 |
|
| Duke Energy Carolinas [Member] |
|
| Fair Value Disclosures [Line Items] |
|
| Fair Value Measurement Amounts For Assets And Liabilities |
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral, which is disclosed in Note 14. See Note 15 for additional information related to investments by major security type. | | | | | | | | | | | | | | | | | | December 31, 2015 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Not categorized |
| Nuclear decommissioning trust fund equity securities | $ | 2,094 |
| $ | 1,922 |
| $ | — |
| $ | — |
| $ | 172 |
| Nuclear decommissioning trust fund debt securities | 944 |
| 246 |
| 698 |
| — |
| | Other available-for-sale debt securities | 3 |
| — |
| — |
| 3 |
| | Total assets | 3,041 |
| 2,168 |
| 698 |
| 3 |
| 172 |
| Derivative liabilities | (45 | ) | — |
| (45 | ) | — |
| | Net assets | $ | 2,996 |
| $ | 2,168 |
| $ | 653 |
| $ | 3 |
| $ | 172 |
|
| | | | | | | | | | | | | | | | | | December 31, 2014 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Not categorized |
| Nuclear decommissioning trust fund equity securities | $ | 2,162 |
| $ | 2,005 |
| $ | 6 |
| $ | — |
| $ | 151 |
| Nuclear decommissioning trust fund debt securities | 870 |
| 138 |
| 732 |
| — |
| | Other trading and available-for-sale debt securities | 3 |
| — |
| — |
| 3 |
| | Total assets | 3,035 |
| 2,143 |
| 738 |
| 3 |
| 151 |
| Derivative liabilities | (19 | ) | — |
| (19 | ) | — |
| | Net assets | $ | 3,016 |
| $ | 2,143 |
| $ | 719 |
| $ | 3 |
| $ | 151 |
|
|
| Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs |
The following tables provide a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. There was no change to the Level 3 balance during the year ended December 31, 2015. | | | | | | | | | | | | | | December 31, 2014 | | | | Derivatives |
| | | (in millions) | Investments |
| | (net) |
| | Total |
| Balance at beginning of period | $ | 3 |
| | $ | (2 | ) | | $ | 1 |
| Settlements | — |
| | 2 |
| | 2 |
| Balance at end of period | $ | 3 |
| | $ | — |
| | $ | 3 |
|
|
| Progress Energy [Member] |
|
| Fair Value Disclosures [Line Items] |
|
| Fair Value Measurement Amounts For Assets And Liabilities |
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral, which is disclosed in Note 14. See Note 15 for additional information related to investments by major security type. | | | | | | | | | | | | | | | December 31, 2015 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Nuclear decommissioning trust fund equity securities | $ | 1,496 |
| $ | 1,496 |
| $ | — |
| $ | — |
| Nuclear decommissioning trust fund debt securities | 1,283 |
| 426 |
| 857 |
| — |
| Other available-for-sale debt securities | 63 |
| 18 |
| 45 |
| — |
| Derivative assets | 11 |
| — |
| 11 |
| — |
| Total assets | 2,853 |
| 1,940 |
| 913 |
| — |
| Derivative liabilities | (322 | ) | — |
| (322 | ) | — |
| Net assets | $ | 2,531 |
| $ | 1,940 |
| $ | 591 |
| $ | — |
|
| | | | | | | | | | | | | | | December 31, 2014 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Nuclear decommissioning trust fund equity securities | $ | 1,488 |
| $ | 1,488 |
| $ | — |
| $ | — |
| Nuclear decommissioning trust fund debt securities | 1,029 |
| 510 |
| 519 |
| — |
| Other trading and available-for-sale debt securities | 58 |
| 15 |
| 43 |
| — |
| Derivative assets | 4 |
| — |
| 4 |
| — |
| Total assets | 2,579 |
| 2,013 |
| 566 |
| — |
| Derivative liabilities | (373 | ) | — |
| (373 | ) | — |
| Net assets | $ | 2,206 |
| $ | 2,013 |
| $ | 193 |
| $ | — |
|
|
| Duke Energy Progress [Member] |
|
| Fair Value Disclosures [Line Items] |
|
| Fair Value Measurement Amounts For Assets And Liabilities |
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral which is disclosed in Note 14. See Note 15 for additional information related to investments by major security type. | | | | | | | | | | | | | | | December 31, 2015 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Nuclear decommissioning trust fund equity securities | $ | 1,178 |
| $ | 1,178 |
| $ | — |
| $ | — |
| Nuclear decommissioning trust fund debt securities and other | 860 |
| 141 |
| 719 |
| — |
| Other available-for-sale debt securities and other | 1 |
| 1 |
| — |
| — |
| Derivative assets | 2 |
| — |
| 2 |
| — |
| Total assets | 2,041 |
| 1,320 |
| 721 |
| — |
| Derivative liabilities | (98 | ) | — |
| (98 | ) | — |
| Net assets | $ | 1,943 |
| $ | 1,320 |
| $ | 623 |
| $ | — |
|
| | | | | | | | | | | | | | | December 31, 2014 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Nuclear decommissioning trust fund equity securities | $ | 1,171 |
| $ | 1,171 |
| $ | — |
| $ | — |
| Nuclear decommissioning trust fund debt securities and other | 540 |
| 151 |
| 389 |
| — |
| Total assets | 1,711 |
| 1,322 |
| 389 |
| — |
| Derivative liabilities | (132 | ) | — |
| (132 | ) | — |
| Net assets | $ | 1,579 |
| $ | 1,322 |
| $ | 257 |
| $ | — |
|
|
| Duke Energy Florida [Member] |
|
| Fair Value Disclosures [Line Items] |
|
| Fair Value Measurement Amounts For Assets And Liabilities |
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral which is disclosed in Note 14. See Note 15 for additional information related to investments by major security type. | | | | | | | | | | | | | | | December 31, 2015 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Nuclear decommissioning trust fund equity securities | $ | 318 |
| $ | 318 |
| $ | — |
| $ | — |
| Nuclear decommissioning trust fund debt securities and other | 423 |
| 285 |
| 138 |
| — |
| Other available-for-sale debt securities and other | 51 |
| 6 |
| 45 |
| — |
| Derivative assets | 7 |
| — |
| 7 |
| — |
| Total assets | 799 |
| 609 |
| 190 |
| — |
| Derivative liabilities | (216 | ) | — |
| (216 | ) | — |
| Net assets (liabilities) | $ | 583 |
| $ | 609 |
| $ | (26 | ) | $ | — |
|
| | | | | | | | | | | | | | | December 31, 2014 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Nuclear decommissioning trust fund equity securities | $ | 317 |
| $ | 317 |
| $ | — |
| $ | — |
| Nuclear decommissioning trust fund debt securities and other | 489 |
| 359 |
| 130 |
| — |
| Other trading and available-for-sale debt securities and other | 44 |
| — |
| 44 |
| — |
| Derivative assets | 4 |
| — |
| 4 |
| — |
| Total assets | 854 |
| 676 |
| 178 |
| — |
| Derivative liabilities | (241 | ) | — |
| (241 | ) | — |
| Net assets (liabilities) | $ | 613 |
| $ | 676 |
| $ | (63 | ) | $ | — |
|
|
| Duke Energy Ohio [Member] |
|
| Fair Value Disclosures [Line Items] |
|
| Fair Value Measurement Amounts For Assets And Liabilities |
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral, which are disclosed in Note 14. | | | | | | | | | | | | | | | | | | December 31, 2015 | (in millions) | Total Fair Value |
| | Level 1 |
| | Level 2 |
| | Level 3 |
| Derivative assets | $ | 3 |
| | $ | — |
| | $ | — |
| | $ | 3 |
| Derivative liabilities | (7 | ) | | — |
| | (7 | ) | | — |
| Net assets (liabilities) | $ | (4 | ) |
| $ | — |
| | $ | (7 | ) | | $ | 3 |
|
| | | | | | | | | | | | | | | | | | December 31, 2014 | (in millions) | Total Fair Value |
| | Level 1 |
| | Level 2 |
| | Level 3 |
| Derivative assets | $ | 49 |
| | $ | 20 |
| | $ | 9 |
| | $ | 20 |
| Derivative liabilities | (181 | ) | | (117 | ) | | (26 | ) | | (38 | ) | Net assets (liabilities) | $ | (132 | ) |
| $ | (97 | ) |
| $ | (17 | ) |
| $ | (18 | ) |
|
| Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs |
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. | | | | | | | | | | Derivatives (net) | | Years Ended December 31, | (in millions) | 2015 |
| | 2014 |
| Balance at beginning of period | $ | (18 | ) | | $ | (4 | ) | Total pretax realized or unrealized gains (losses) included in earnings | 21 |
| | (9 | ) | Purchases, sales, issuances and settlements: | | | | Purchases | 5 |
| | 1 |
| Settlements | (5 | ) | | (13 | ) | Net transfers In (Out) of Level 3 due to observability of inputs | — |
| | 6 |
| Total gains included on the Consolidated Balance Sheet as regulatory assets or liabilities | — |
| | 1 |
| Balance at end of period | $ | 3 |
| | $ | (18 | ) |
|
| Duke Energy Indiana [Member] |
|
| Fair Value Disclosures [Line Items] |
|
| Fair Value Measurement Amounts For Assets And Liabilities |
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral, which is disclosed in Note 14. See Note 15 for additional information related to investments by major security type. | | | | | | | | | | | | | | | December 31, 2015 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Other available-for-sale equity securities | $ | 71 |
| $ | 71 |
| $ | — |
| $ | — |
| Other available-for-sale debt securities and other | 30 |
| 2 |
| 28 |
| — |
| Derivative assets | 7 |
| — |
| — |
| 7 |
| Net assets (liabilities) | $ | 108 |
| $ | 73 |
| $ | 28 |
| $ | 7 |
|
| | | | | | | | | | | | | | | December 31, 2014 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Other trading and available-for-sale equity securities | $ | 71 |
| $ | 71 |
| $ | — |
| $ | — |
| Other trading and available-for-sale debt securities and other | 30 |
| — |
| 30 |
| — |
| Derivative assets | 14 |
| — |
| — |
| 14 |
| Net assets (liabilities) | $ | 115 |
| $ | 71 |
| $ | 30 |
| $ | 14 |
|
|
| Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs |
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. | | | | | | | | | | Derivatives (net) | | Years Ended December 31, | (in millions) | 2015 |
| | 2014 |
| Balance at beginning of period | $ | 14 |
| | $ | 12 |
| Total pretax realized or unrealized gains included in earnings | — |
| | 3 |
| Purchases, sales, issuances and settlements: | | | | Purchases | 19 |
| | 49 |
| Settlements | (30 | ) | | (41 | ) | Total gains (losses) included on the Consolidated Balance Sheet as regulatory assets or liabilities | 4 |
| | (9 | ) | Balance at end of period | $ | 7 |
| | $ | 14 |
|
|